SoftBank Group Corp Chairman and CEO Masayoshi Son
SoftBank Group Corp Chief Executive Masayoshi Son has cancelled a speaking engagement at this week's Saudi Arabia investment conference but could still attend, the Wall Street Journal said on Tuesday, citing a conference representative.
The cancellation comes as pressure mounts on Riyadh over the disappearance and death of journalist Jamal Khashoggi, with many high-profile company executives pulling out altogether.
Son's absence from the stage would be in marked contrast to last year's inaugural event, where the 61-year-old Japanese entrepreneur was a notable presence leading credence to Saudi Crown Prince Mohammed bin Salman's efforts to bring foreign investment into the Gulf kingdom.
A SoftBank spokeswoman did not immediately respond to a request for comment.
Saudi Arabia's stock market dived in early trade on Tuesday, the opening day of a three-day investment conference, amid persistent investor concern about global reaction to the killing of journalist Jamal Khashoggi.The Saudi index fell 1.3 percent at 7,546 points in half an hour, with banks and petrochemical shares the biggest losers.U.S. President Donald Trump said on Monday that he was still not satisfied with what he has heard from Saudi Arabia about the killing of Khashoggi in Turkey, but did not want to lose investment from Riyadh.Saudi Arabia on Sunday described the killing of Khashoggi at its Istanbul consulate as a "huge and grave mistake", but said its Crown Prince Mohammed bin Salman (MbS) had not been aware.Turkey has not yet shared any information with any country on Khashoggi case: FMFresh stock exchange data released on Sunday showed foreigners sold a net 4.01 billion riyals ($1.07 billion) in Saudi stocks in the week ending Oct. 18.But state-linked Saudi funds have been buying blue-chips in a support operation since the market plunged last week, according to analysts.Saudi's stock market has lost a little over five percent in value since Oct. 2 because of concerns the Khashoggi case could trigger U.S. sanctions and shrink inflows of foreign investment.Al Rajhi Bank dropped 2.9 percent and National Commercial Bank lost 3.6 percent.Saudi foreign minister pledges full probe into Khashoggi killingBut Saudi Industrial Export outperformed the market, jumping 9.9 percent after its third-quarter loss narrowed.Jabal Omar Development also climbed 3.8 percent after posting a third-quarter profit.The Dubai index inched up 0.1 percent with Emaar Properties adding 0.6 percent and Dubai Islamic Bank increased 0.2 percent.Gulf Navigation Holding jumped 7.4 percent in heavy trade after Dubai Financial Market said direct deals were executed on 82 million shares of the company for 80.4 million dirhams.World not satisfied with Saudi explanation on KhashoggiNasdaq-listed DP World fell 1.8 percent after reporting a 6.7 percent drop in its shipping container volumes for the third-quarter.In Qatar, Qatar Gas Transport added 3.2 percent and Mesaieed Petrochemical gained 1.5 percent. The main index was flat. ‘No reason’ for month delay in Khashoggi probe: TrumpCIA Director on way to Turkey for Khashoggi case
Saudi stocks stumble amid Khashoggi killing fallout
Nearly half of the more than $93 billion raised last year to create SoftBank's Vision Fund came from Saudi Arabia, giving Son the firepower to make big bets in late-stage startups such as Uber Technologies Inc and shared office space provider WeWork Cos.
SoftBank has repeatedly declined to comment on whether SoftBank management including Son would attend, even as executives from portfolio companies Uber and Improbable dropped out.
Son's mix of visionary rhetoric and hard-headed business decisions has given him an oversized presence in the tech world.
However alarm over Saudi's involvement in the disappearance of Khashoggi has underlined his investment juggernaut's reliance on backers such as the kingdom at a time of rising political tensions.
Turkey will cooperate with any international investigation probing the death of Saudi journalist Jamal Khashoggi, Foreign Minister Mevlüt Çavuşoğlu said on Tuesday, adding that Ankara had not yet shared any information with any country on the case.The minister stated that Turkey was ready to cooperate in a possible probe into the Khashoggi case at the United Nations, international courts or institutions.Saudi Arabia has been more open to cooperation on the case since the phone call between Turkish President Recep Tayyip Erdoğan and Saudi King Salman on Oct. 15, Çavuşoğlu said.Saudi foreign minister pledges full probe into Khashoggi killingThe minister said that it was "important" that Saudi Arabia acknowledged the killing of Khashoggi, even though it was a late statement.Khashoggi, who was a U.S. resident and strong critic of Saudi’s Crown Prince Salman, was last seen entering the Saudi consulate in Istanbul on Oct. 2.Khashoggi, who was a U.S. resident and strong critic of Saudi’s Crown Prince Salman, was last seen entering the Saudi consulate in Istanbul on Oct. 2.World not satisfied with Saudi explanation on KhashoggiOn the day of his disappearance, 15 other Saudis, including several officials, arrived in Istanbul on two planes and visited the consulate while he was still inside, according to Turkish police sources. All of the identified individuals have since left Turkey.After denying knowledge of Khashoggi's whereabouts for two weeks, Saudi Arabia on Saturday said he was killed during a fight inside its Istanbul consulate.His body has not been recovered, nor has Saudi Arabia explained its shifting narrative on what transpired.Trump said Monday he is "not satisfied" with Saudi Arabia's explanation for Khashoggi's disappearance -- just days after calling it a "great first step".‘No reason’ for month delay in Khashoggi probe: TrumpTurkey-U.S. tiesThe foreign minister stated that steps will be taken in the coming days to lift U.S. sanctions on the justice and interior ministers of Turkey.Ankara’s ties with the U.S. were strained due to Washington’s support of the YPG terror group and their stance on the Fetullah Terrorist Organization (FETÖ), not because of the case of now freed American pastor Andrew Brunson, Çavuşoğlu said.The YPG is the armed wing of the Democratic Union Party (PYD), which is the Syrian offshoot of the PKK. The PKK is listed as a terrorist organization by Turkey, the European Union and the United States.The U.S. needs to cut support for the YPG and fully implement the Manbij roadmap, he added.The Manbij deal between Turkey and the U.S. focuses on the withdrawal of terrorist YPG/PKK forces from the city in Aleppo province, northern Syria to stabilize the region.“Turkey will not allow PKK/YPG to be part of Syrian constitutional committee,” Çavuşoğlu said, adding that Russia was aware that the YPG is a terrorist organization.Two PKK terrorists 'neutralized' in SE TurkeyFM calls Washington to take action against FETÖRegarding FETÖ, Çavuşoğlu called Washington to take action against the terror group, saying that it is “unacceptable” that the U.S. hosts a group that attempted a coup in Turkey. FETÖ terrorists are led by U.S.-based Fetullah Gülen, who orchestrated Turkey's July 15 coup attempt and is the mastermind behind a long-running campaign to overthrow the state through the infiltration of Turkish institutions, particularly the military, police and judiciary. Since the failed coup, operations have been ongoing in the military, police and judiciary as well as in state institutions across the country to arrest suspects with alleged links to FETÖ.
Turkey has not yet shared any information with any country on Khashoggi case: FM
Arm Holdings CEO Simon Segars has pulled out of the event, a source told Reuters on Monday. SoftBank acquired the chip designer in 2016.
Bloomberg reported on Monday that SoftBank Chief Operating Officer Marcelo Claure would also not attend.